Bitcoin Price Rally Faces Potential Resistance at $99,900

The price of Bitcoin has recently surpassed $90,000, with some investors anticipating a new record above $109,000. However, challenges lie ahead.

Glassnode analysis indicates potential selling pressure around $99,900.
Long-term holders (LTHs), defined as wallets holding coins for over 155 days, may take profits at this level, historically selling at approximately 350% gains.
A significant number of bitcoins were acquired between $95,000 and $98,000 earlier this year, and these holders might exit to secure breakeven or minor profits.
The combination of LTH profit-taking and early-year buyers could create resistance around $99,900.
A strong demand is necessary to absorb sell-side pressure; a breakout beyond $100,000 could lead to further price discovery.